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Impact of Medicare On Elderly Milwaukee County Residents

The document discusses Medicare, a federal healthcare program for individuals aged 65 and above, aimed at improving healthcare access and reducing costs for elderly residents in Milwaukee County. It outlines the objectives of Medicare, the variables for data analysis, and the methodology for testing its effects using dynamic panel data modeling. The references provided support the analysis and findings related to Medicare's impact on healthcare access for the elderly population.

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13 views3 pages

Impact of Medicare On Elderly Milwaukee County Residents

The document discusses Medicare, a federal healthcare program for individuals aged 65 and above, aimed at improving healthcare access and reducing costs for elderly residents in Milwaukee County. It outlines the objectives of Medicare, the variables for data analysis, and the methodology for testing its effects using dynamic panel data modeling. The references provided support the analysis and findings related to Medicare's impact on healthcare access for the elderly population.

Uploaded by

treble13
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Impact of Medicare on Elderly Milwaukee County Residents

What is Medicare?

Medicare is a federal healthcare social welfare program. It is a health insurance programs

tailored towards enabling the elderly, 65 years and above, to access health care quite easily. It

has been in place since 1966 and is one of the oldest surviving social welfare programs.

What are its objectives and effects?

The policy is meant to provide create healthcare access to disadvantaged elderly

population and a subset of younger individuals. One of its anticipated effects is an increase in

elderly healthcare access. The other effects is to reduce healthcare cost burden in families that

have elderly people within their midst (Davis and Reynolds 392).

Data analysis

In conducting the analysis of the effects there are various variables that would be used

including the age of the principal participants. Other variables will include the average income of

the household, medical conditions that the participants suffer from and the number of medical

facilities at their disposal. The data bounds (area of collection) would only be collected within

the county level due to ease in collecting and analyzing data from one county as opposed to

using data from different regions (Newhouse and McGuire 360).

Testing for Medicare effects


In analyzing the effects of Medicare it is best to consider the impacts using dynamic data panel

modelling. This is because there are more than two variables under study and thus present a

complexity challenge which dynamic panel data can easily solve. Additionally, some of the

variables such as household income and age carry a mundane for of correlation therefore to

avoid auto recursion a lagged out formula is required (Blundell and Bond 117).

The Arellano-Bond GMM estimator using the formula below would be prudent in this case

Iit=β1Iit−1+β2Kit+β3Xit+uit

Where;

Iit represents the gross derivable impact of Medicare on the population

Iit−1 represents the time lagged derivable impact of Medicare on the population

Kit represents a matrix of the inherent variables.

Xit is the matrix of the controlled lagged variables


References

Blundell, Richard, and Stephen Bond. "Initial conditions and moment restrictions in dynamic

panel data models." Journal of econometrics, vol. 87, no. 1 (1998): 115-143.

Davis, Karen, and Roger Reynolds. "The impact of Medicare and Medicaid on access to medical

care." The role of health insurance in the health services sector. NBER, 1976. 391-436.

Newhouse, Joseph P, and Thomas G McGuire. “How Successful Is Medicare Advantage?” The

Milbank Quarterly 92.2 (2014): 351–394.

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